The Board of Directors of Pacific Basin Shipping Limited announced that Mr. Stanley Hutter Ryan currently an independent non-executive Director, shall in addition to such role, be appointed as chairman of the Board with effect from the conclusion of the Company's 2023 annual general meeting tentatively scheduled on 18 April 2023. Mr. Ryan, aged 60, earned a bachelor's degree in Economics and Computer Applications from the University of Notre Dame in 1984, and a Master of Arts degree in International Relations and a Master of Business Administration degree from the University of Chicago in 1989. Mr. Ryan joined Cargill Inc. ("Cargill") in 1989, where he served for 25 years and developed extensive hands-on leadership experience across a range of asset and operationally intensive multinational businesses, particularly concentrated in the international commodities trade, cyclical industries and spanning both developed and emerging markets.

From 1989 to 2014, he served in a number of executive and general management roles worldwide, including as an analyst in the Strategy and Business Development department in Cargill's global headquarters in Minneapolis, a general manager of Cargill's oilseed operations in Ohio, a general manager of Cargill's Venezuela Refined Oils business stationed in Caracas, a general manager of Cargill's Brazil Refined Oils business in Sao Paulo, President of Cargill's North American Dressings, Sauces and Oils business in Minneapolis, the managing director of Cargill Refined Oils Europe based in the Netherlands, the managing director of Cargill Food Ingredients Australia/New Zealand based in Sydney, Australia. Starting in January 2011, Mr. Ryan was a corporate platform leader at Cargill, and a global co-leader of Cargill's Agricultural Supply Chain businesses (soft commodities) and a member of its global corporate center. Mr. Ryan also served as an independent director at Eagle Bulk Shipping Inc. ("Eagle Bulk") since October 2014 until June 2016 and as the interim chief executive officer of Eagle Bulk from March to September 2015.

Mr. Ryan was the chief executive officer and president of Darigold Inc. from February 2016 until March 2022. Mr. Ryan has been an independent non-executive Director of the Company since his appointment on 5 July 2016.